The attempted removal of fuel subsidy by the Federal Government last January and the attendant crisis it engendered may be a blessing after all. It has kick-started much activities in the petroleum sector lately and everyone has girded their loins to prove us wrong that Nigerians can expect better things from that all important sector of our beleaguered economy.

A new era of prompt claims settlement is dawning in the insurance industry, unlike in the past when insurance companies find it extremely difficult to settle huge claims.

Segun Oshinowo is the Director-General, Nigeria Employers Consultative Association, NECA, the umbrella body for private sector employers in the country. In this interview with Financial Vanguard, he examines the socio-economic situations in the country including the January 1, petrol price hike and the reintroduction of subsidy in the revised 2012 budget among others and declared that Nigeria has surrendered its economy to social and political imperatives.

The African Capital Alliance (ACA), a private equity fund manager in western Africa, announced the raising of $200 million from investors in July 2009. The third installment of the Capital Alliance Private Equity (CAPE) fund will target important sectors such as power, oil and gas, communications and financial services in Nigeria and across the sub-Saharan region.

Foreign exchange sales by oil firms dropped sharply by 58 per cent in February while the interbank money market recorded net outflow of N162.56 billion.

It is encouraging seeing most Nigerian banks now using Credit Quest Software in analysing credit clients. This is a necessary and vital step forward in the pursuit of financial standards in line with the practices in other developed worlds.

The Chairman of the Host Communities of Nigeria Producing Oil and Gas (HOSCOM) Bayelsa State chapter, Chief Bob Nabena, has said that the establishment of the Bayelsa State Oil-Producing Areas Development Commission (BASOPADEC) would help in ridding the creeks of illegal refinery operators.

Managing Director of Bristow Helicopters, Captain Akin Oni has said that Africa has the worst safety record and 75 per cent of air accidents are caused by flight crew.

A bullish trend was recorded in transactions on the Nigerian Stock Exchange, NSE, last week, as the value of listed equities appreciated by N121.965 billion.

The Minister for Tourism, Culture and National Orientation, Chief Edem Duke, has called on the Federal Government to explore some of the opportunities in the Tourism sector of the economy, saying “there is need to develop carnival as enterprise.”